By Jill Calabrese Bain, Business Banking Executive, Bank of America
The end of year and holiday season is busy for everyone, but it’s especially hectic for business owners who are balancing their personal responsibilities and plans for the coming year.
For women entrepreneurs, the year ahead looks strong, with 76% expecting revenue growth and 57% planning to expand their business over the next 12 months, according to our recent Women and Minority Business Owner Spotlight. When building your business, it’s critically important to take a step back and remember that these goals can only be accomplished if you’re taking care of your wellbeing and making time to do what matters most to you, whether that’s caregiving for a loved one, grabbing dinner with friends or heading off to yoga. That’s why 54% of women business owners have increased their prioritization of work-life balance over the past year.
The following tips offer strategies to help you grow your business while still finding time for your own personal wellbeing and priorities.
1) Prioritize growth strategies based on business goals, strengths and opportunities
Our recent report found that women business owners are implementing expansion strategies in the year ahead, such as growing their customer base, creating an online presence and adopting new sustainability initiatives. As we close out the year, evaluate your business’ most impactful goals, and implement those tactics that will help you meet those goals, to keep yourself focused and not stretched too thin. If you’re unsure about what your business should prioritize, take the time to conduct an analysis of your business’ strengths, weaknesses, opportunities and threats (SWOT). This is a helpful exercise as you take a look at what’s working and what’s not, and map out a plan for the year ahead. Establishing a plan to address the biggest opportunities will help manage stress and find balance.
2) Bring in the right talent and resources
With 46% of women entrepreneurs saying they plan to hire over the next year, hiring the right employees is essential. Take your time with the interview process so you can really get to know each candidate and ensure that they have a skillset that will propel your business forward. Once you’re appropriately staffed, it’s even more important to delegate work accordingly. This will not only help your business and your employees thrive, but will give you time to think strategically about what’s next. If budget allows, you might consider purchasing technology to automate routine tasks such as payments or using AI software to help you source and screen potential candidates. This makes employees jobs easier, while also giving you more time to focus on what really matters to you.
3) Lean on your support system when you need to
While it’s important to delegate work within your business to employees, recognizing the value of your external support network is equally vital. According to our report, women entrepreneurs define work-life balance by having enough time for personal responsibilities and sufficient energy to accomplish everything they want to get done.
To establish this balance, remember that a support system extends beyond just family and friends. Turn to your mentors and advisors, who can offer insights and help you navigate the complexities of running a business. Think of organizations like NAWBO, which connects you to a network of women for support and resources. Also remember that investing in your mental and emotional wellbeing is just as important as investing in your business. A coach or therapist can provide strategies for managing stress, overcoming challenges, and maintaining a healthy perspective. When you create space for rest and rejuvenation, it allows you to return to your work with renewed energy, strengthening your ability to lead effectively and make sound business decisions.
The journey of a woman entrepreneur is often a demanding. During particularly busy seasons, prioritizing wellbeing becomes not just a personal necessity, but a crucial element of sustained success. At Bank of America, we recognize the vital role women play in driving economic growth and innovation and look forward to continuing to support women business owners and their growth in the many years to come.